Submitting your tax return on time is super important. Not only does it make you look good to the ATO, but Australians who lodge their return late can face penalties of up to $1,100 depending on how late your return is. Something to avoid if it can be helped!
Lodging late returns is quite common and can occur for many reasons. Maybe you were overseas, have been sick, or just haven’t had the time. While circumstances can be taken into consideration, the more outstanding returns you have, the less likely you are going to be able to escape a penalty.
Where a Failure to Lodge (FTL) is issued, you’ll be charged $222 for each 28 days your return is late. So if you’ve got incomplete returns that are now overdue, it’s likely feeling like a dark cloud hovering over you. But there’s good news. If it’s an isolated case, the ATO is unlikely to penalise you, but rather issue you a warning instead.
If you do find yourself in a position where you need to submit your return late, speak to one of our tax professionals and we can help you take the steps to complete your outstanding returns as quickly and accurately as possible. It’s important to remember that the ATO never forgets a missed return, so the sooner you get it out of the way the better!
An ITP Qld consultant can assist you by checking your lodgement status with the ATO, confirming which annual returns are outstanding and getting access to information previously reported. For years where you haven’t been required to lodge a return, your consultant can also issue a non-lodgement advice to the ATO on your behalf.
Need help lodging late returns? It’s always best to get professional help and get on top of it sooner rather than later. This will help ensure your returns are accurate and your penalties are minimised.